There have been over 1.64 lakh applications for the 1,384 Maharashtra Housing and Development Authority (MHADA) houses on offer in the latest lottery, suggesting that affordable housing in Mumbai still has a market, and debunking the argument that the real estate sector is facing a slowdown. The last day for applications is December 10, and officials at MHADA expect the figure to rise even further.
Real estate experts said when houses are offered at affordable rates, buyers don’t hesitate from investing. Housing expert Dr Sanjay Chaturvedi said, “People have gained trust in MHADA. Even high income group houses are ready for possession and are priced less than the market rate. This also shows that many buyers doubt the credentials of private developers.”
The benefit of MHADA is that the title is clearly mentioned, which adds value to the property. Moreover, MHADA advertisements clearly mention the size and locality of the available properties, and also whether or not the buildings have received an occupation certificate. Under-construction properties have their MahaRERA numbers listed, so interested parties can check the details for themselves. All of this makes the home buying process transparent.
The most expensive flat in the upcoming lottery is priced at Rs 5.80 crore, located in a building named Dhavalgiri in Cumbala Hill. This has received over 44 applications, and experts have said this too is because the flat is priced affordably. Rajiv Jain, a realtor from south Mumbai, said, “Flats in the building are priced between Rs 6.5 crore to Rs 7 crore, meaning the MHADA house is available for almost a crore less. It’s 965 sq.ft in area, much bigger than other MHADA flats on offer. The price and the area are the main reasons why people are so interested in these houses.”
The next most expensive flats are priced at Rs 5.13 crore and Rs 4.99 crore, and they have received 44 and 42 applications respectively.
Registration for the lottery started on November 5. A total of 1,384 houses spread across Mumbai are up for grabs. Uday Samant, MHADA president said they have consciously reduced prices of the houses. “We reduced the houses’ prices, and people seem to have liked it. We will increase the number of houses in the future,” he said.
MHADA will benefit by the Pahadi Goregaon project in the future, from where around 6,500 houses will be released in the coming years.
HOME TRUTHS FOR REAL ESTATE
- Of the 1,384 flats on offer, the most expensive flat in the MHADA lottery is priced at Rs 5.80 crore, and is in Cumballa Hill.
- Experts say the average price for a flat in the same building is in the region of Rs 7 crore.
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